Nigerian stocks rise again as NGX rally deepens on banking and oil sector gains
Nigeria’s stock market extended its strong rally on Tuesday as investors increased bets on banking, oil and consumer goods stocks, pushing the benchmark index to another record high and reinforcing the exchange’s position as one of Africa’s best-performing equity markets this year.
Black News 
Nigeria’s stock market extended its strong rally on Tuesday as investors increased bets on banking, oil and consumer goods stocks, pushing the benchmark index to another record high and reinforcing the exchange’s position as one of Africa’s best-performing equity markets this year.
- Nigeria’s benchmark stock index rose 0.77% on Tuesday, extending its year-to-date gain to 62.2%.
- Banking and oil stocks led gains as investors continued positioning for strong corporate earnings and reforms.
- United Bank for Africa, Fidelity Bank and Access Holdings dominated trading volumes.
- The NGX market capitalisation climbed to about N161.6 trillion, equivalent to roughly $118 billion.
The benchmark NGX All-Share Index gained 0.77% to close at 252,411.67 points, adding 1,926.13 points from the previous session.
The rally lifted the market’s year-to-date return to 62.2%, according to trading data from the Nigerian Exchange.
The latest gains pushed the market capitalisation of listed equities to N161.6 trillion, equivalent to about $118 billion.
Tuesday’s performance continued a broader rally that has been driven by banking recapitalisation expectations, stronger corporate earnings, easing foreign exchange pressures, and renewed investor appetite for Nigerian assets following economic reforms introduced over the past two years.
Banking stocks remained among the most actively traded counters as investors positioned for potential capital raises and stronger profitability in a high-interest-rate environment.
United Bank for Africa led trading volumes with 203 million shares exchanged, followed by Fidelity Bank with 81.7 million shares and Access Holdings with 71.1 million shares. Honeywell Flour Mill also recorded strong activity with 72.4 million shares traded.
Overall, investors traded 1.25 billion shares worth N69.2 billion across 80,798 deals during the session. Trading volume fell 16% compared with Monday’s session, while turnover improved slightly by 1%.
Among gainers, Unilever Nigeria rose 10% to close at N165 per share. Union Homes Real Estate Investment, Ikeja Hotel and University Press also recorded 10% gains.
On the losing side, Custodian & Allied dropped 9.52%, while Honeywell Flour Mill, AIICO Insurance and Fortis Global Insurance also closed lower.
Sector performance showed broad-based buying interest across the market.
The NGX Oil & Gas Index climbed 3.4%, extending its year-to-date return to more than 128%, while the Banking Index rose 1.87%. Consumer goods and pension indices also closed higher.
Nigeria’s equities market has attracted increased local investor participation in recent months as inflationary pressures and currency weakness pushed investors toward stocks viewed as hedges against inflation.
Foreign portfolio investors have also shown renewed interest after currency market reforms improved liquidity in the foreign exchange market.
Despite the rally, analysts say investors remain closely focused on inflation trends, interest rate decisions by the Central Bank of Nigeria, and the impact of economic reforms on corporate earnings and consumer spending in Africa’s largest economy.
